Global AI Compute Metal Market Faces Shifts
With the submission deadline for the US "Section 232 Tariff" investigation report approaching on June 30, the global metal market related to AI computing faces shifts. Goldman Sachs analysis indicates that if the US implements new tariff policies on copper, purchasers may begin large-scale stockpiling.
Current COMEX copper inventory has exceeded 650,000 tonnes, setting a historical high, while LME copper inventory dropped to 352,100 tonnes, a three-month low. Customs data shows that from January 2025 to May 2026, the average monthly import volume of refined copper in the US was about 140,000 tonnes, close to double the same period in 2024, accumulating excess inventory of nearly 1.2 million tonnes over 18 months. If tariffs take effect, copper prices in the second half of 2026 could spike to above $14,000 per tonne.
Minor Metal Supply Tightness Intensifies
Apart from copper, supply tightness for minor metals such as tin, tantalum, indium, and tungsten is intensifying. Tin prices rose 40% in half a year, tantalum ingots surged 158%, and black tungsten concentrates increased by nearly three times compared to the 2024 low point.